New homes in Australia continue to sell well, as the Housing Industry Association (HIA) has reported the third consecutive month of improved sales.
The survey of the country's most prominent residential builders indicates a 6.2 per cent increase in December, bringing the total increase over the three months to 13.3 per cent. Total sales were up 3.3 per cent in quarter four when compared to quarter three.
This is the biggest increase experienced in Australia since the 21.1 per cent rise over the first quarter of 2009.
"If we look at the under-performing market for 2012 - detached houses - the December improvement was broad-based as sales increased in all but one of the surveyed states," said HIA economist Geordan Murray.
"However, the overall result for 2012 leaves plenty of room for improvement."
He concedes that Australia needs more than lower interest rates to bring the level of recovery need by the country's population and economy.
Posted by Steve Douglas